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The Brazilian economy has created 37% fewer formal jobs in the first two months of Lula’s term than under Bolsonaro

The Brazilian economy created 241,785 formal jobs last February, the Ministry of Labor and Employment reported yesterday, Wednesday, based on data from the General Registry of Employed and Unemployed.

According to the report, the result was much lower than in February 2022, when 353,294 new jobs were registered, a drop of 31.6 percent.

Lower job creation confirms a trend toward a slowdown in the Brazilian economy.

The Lula government is attempting to blame this poor performance on the high-interest rate policy of the Brazilian Central Bank, whose reference rate is currently 13.75 percent per year . . .

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